retirement, planning and protection (easily understood) - revision guide for cefa 3 sample

Retirement, Planning and Protection Easily Understood Copyright© Ruksons

Retirement, Planning&

Protection

Easily Understood

Written by

Tomi OmidioraBA Hons, MBA, CeMAP, CeFA

i


Published by Ruksons Ltd, UKRetirement, Planning & Protection Easily UnderstoodAdetomi Omidiora

Published In Great Britain 2009Copyright © Adetomi Omidiora 2009

The Retirement, Planning & Protection Easily Understood guide is to be used in addition to the main accredited Textbook and will never replace the detail contained there.

It was written with an intention to support the reader’s understanding of the main aspects of the text, and will serve as an appropriate revision guide to understanding Retirement, Planning and Protection.A thorough analysis, the detailed document could also provide clarity and understanding to an individual who needs a basic understanding of Retirement, Planning & Protection.

The Retirement, Planning & Protection Easily Understood Book published in August 2009 provides information for the 2009/10 financial year. While the author has used all her efforts in preparing this book, there are no promises or warranties in respect of the accuracy or completeness of the content of this book with updated changes from the appropriate financial bodies.

All rights reserved. Contents and or cover may not be reproduced in whole or in part. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means ---- electronic, mechanical, including photocopying, scanning and recording worldwide, without prior permission in writing from the author and/or publisher.

Printed in the UK.Created and Designed By,Ruksons Ltd.www.ruksons.com

Edition 2.0

ii


UNIT 5:Protection

Protection 1

Reasons for Financial Protection 1Young Single Person 1Young couple without Children 1Young couple with Children 1Middle aged Couple 2Retirement 2

When is Financial Protection Needed 2

How to help the Client understand the Needs 2How much cover is needed 2How much protection is needed if risk happened. 2Current Protection 2Churning 3Dependant 3State Pension 3What happens if a Dependant Spouse Dies 3What happens if a Parent dies 4Lump sum Calculation 4Points to consider 5

Sickness of a Breadwinner 5Quantifying the need for protection in the event of sickness 5Budgeting 6Discussing Priorities 6Ranking Needs 6Reviews 7

Key Persons Policies 7Business Protection 7Death of a key employee 7There are two ways to determine cover 7Sickness of a Business Partner 8Death of a Business partner 8

Financial Resources and Benefits Eligibility 9Income 9Outgoings 9Savings 10Attendance Allowance 10Statutory Sick Pay 10Incapacity Benefit (IB) 10Employment and Support Allowance 11

iii


Severe Disability Allowance (SDA) 11Disability Living Allowance DLA 11Industrial Injuries Disablement Benefit (IIDB) 12Carer’s Allowance 12Support for People in Hospital or Residential Care 12Threshold on Assets 12Nursing Home Costs 13Health and Social Care Act 2001 13Statutory Maternity Pay 13Maternity Allowance 13Statutory Paternity Allowance (SSP) 14Additional Paternity Leave (APL) 14Statutory Adoption Pay 14Child Benefit 14Child Tax Credits 14Working Tax Credit 14Income Support 15Job – Seeker’s Allowance 15State Pension – Basic (2008/9) 15Additional State Pension (S2P) 16Pension Credit 2008/9 16Guarantee Credit 16Savings Credit 16Support for Widows and Widowers 17Bereavement Payment 17Bereavement Allowance 17Widowed Parent Allowance 17Spouse’s Entitlement to State Pension 17Support for Mortgage Interest 18

Types of Policy 19Factors involved in Estimates of Premium Calculations 19

Non - Profit Policies 20

With Profit Endowment 20Bonuses can be calculated in 2 ways 20Interest Table 20

Unit Linked Policies 21Specialist funds may invest in 22Pound Cost Averaging 23Unit linked Protection Policies 24

Unitised with profit Endowment 24FSA - Projected Benefits 24Policy Table 25

Life Assurance Policies 26

Whole of Life Policies 26Low cost whole of life 27Flexible whole of life 27Universal whole of life assurance 28

iv


Joint life Second Death Policies 28

Term assurance (temporary insurance) 28Decreasing Term assurance 29Two types of decreasing term assurance 29Family Income Benefit (FIB) 29Level term Assurance 30Convertible Term Assurance 30Personal Pension Term Assurance 30Renewable Life Assurance 31Renewable and Increasable term assurance 31Convertible, Increasable and renewable term assurance policies 31

Health Insurance 31Critical Illness Cover (CIC) 31Premium Structure 32Possible Uses 32Ways to arrange cover 32Stand alone Plan 32Option on a Whole of life Plan 33Group Critical Illness Cover 33Taxation of CIC 33

Permanent Health Insurance 33Ways to arrange Cover 34Stand-alone Policy 34Unit linked Basis 34Option of Universal Whole of life plan 34Underwriting of PHI 34Classes of Occupation 35Group Permanent PHI 35Taxation of PHI 35

Accident, Sickness and Unemployment 35Income Benefit 35Lump sum Benefit 36Personal Accident Insurance policies 36Group Personal and Sickness Schemes 36Tax Treatment of ASU 36

Mortgage payment protection insurance (MPPI) 36

Waiver of Premium 37

Private Medical Insurance (PMI) 37Factors affecting Premium Rates 37A Comprehensive Plan 38Exclusions 38General Exclusions 38Tax Treatment of PMI 38

Hospital Cash Schemes 38

Dental Insurance 39

v


Long term Care (LTC) 39Policy Types 39Pre funded LTC (Non- investment) 39What can a Pre-funded Plan be arranged as? 39Prefunded LTC (Investment) 40Immediate needs Policy 40Death Benefits 40Taxation of LTC benefits 40

Other Methods for Funding LTC 41

Viatical Settlements 41Taxation of Viatical Settlement 42

Important Dates 42

Identifying Suitable Policies to protect in Illness/Accident 42

Affordability 42

Selecting a Suitable Provider for Protection Products 43Financial Strength 43Costs and Charges 43Charging and Commission Structure 43Quality of Service 44Investment choice and Performance 44

Background - Underwriting the Risks 44

The Life Assurance Act 1774 (Gambling Act) 44

Underwriting 45

Collective Risks 45The three issues that are considered 45Medical Underwriting 46Proposal Form 46Personal Medical Attendant Report (PMAR) 46Medical Examiner’s Report 46Other Information 46Occupation and Life style 46Financial Situation 47Policy Debt/Lein 47Exclusion Clauses 47Postponement 47Declining Proposal 48

The Contractual Process 48Capacity to Contract 48Reasons for breaking the Contract 48Non-forfeiture clause 49Endorsements 49Insurable Interest 49

vi


Where Insurable Interest can be demonstrated 49Utmost good faith 50Policy Documentation 50Disposal of Policy Proceeds 50

Claims 51Death Claims 51Sickness and Disability Claims 51

Traded Endowment Policies 52Taxation – Traded Endowment Policies 52Death Implications on Policy 53Qualifying Policy 53Life Assurance premium Relief (LAPR) 53

Taxation of non - qualifying Policy 53Taxation of friendly society products 54Taxation of Life cover through a pension 55

Wills 55Rules of Intestacy 56Intestacy - Scotland 56Statutory Wills 56Living Wills 57

Power of Attorney 57Lasting Power of Attorney (LPA) 58Two types of LPA 58

Inheritance Tax 58Potentially Exempt Transfers 59Chargeable Life time transfers 59Gift with Reservation Rule 59IHT-Equalising Estates 60Back to Back Plans 60IHT and Life Assurance Plans 60Gift and Loan Trust 61Discounted Gift Trust 61Taxation of G&L & Discounted Loan Trust 61Pre- Owned Assets 62Main rules relating to pre-owned assets 62IHT – Exemptions 62Business Relief and Agricultural Property Relief 62Relief for Agriculture 63Administration of IHT 63Payments by Instalments 63

Trustees 65Ownership 66Interest of Beneficiary 66Split Benefit Trust 66

Types of Trust 67Statutory Trusts 67

vii


Married Women’s property Act 1882 67Non – Statutory Trusts 67Absolute or Bare Trusts 67Flexible Trust (Power of Appointment Trust) 67Discretionary Trust 67Accumulation and Maintenance Trust (A&M) 68Will Trusts 68Interest in Possession (life interest trust) 68Mixed Trust 69Bereaved Minors 18-25 trusts (22/3/2006) 69The Taxation of Trusts; Income Tax, CGT and IHT 69Income Tax 69Trusts and Inheritance tax 70Bankruptcy and Policies 70Trust: new and existing policies 71Trust and Pension contracts 71The Trust Act 2000 71

UNIT 5 Questions 72UNIT 5 Answers 74

UNIT 6:Retirement & Planning Retirement and Planning 76

Retirement 76

Occupational Pensions 77

Considering the Client’s Pension Arrangement- Categories 77

viii


Quantifying Pension Needs 77Next Step 77Once again, Consider: 78Next step 2 78Once again, consider 2 78Affordability and Priorities 78Asset Allocation 79Asset Classes 79

Pension History 80

National Insurance 81Basic State Pension 83Graduated state pension 83Additional state pension 83State Earning Related Pension Scheme (SERPS) 83Social Security changes: Act of 1986 enforced in 1988 84Retirement between 1999/2000 and 2008/9 84Retirement in 2009/10 84Payment of Benefit 85The State Second pension (S2P) 85Below LET 85Above LET 86Other Issues – Serps and S2P 86Survivor Benefits – From Serps to S2P 86

Pension Credit 86

Employer Contributions 89Application of Tax Relief 89

Assessing Annual Allowance 90Annual Allowance Charge 90The Lifetime Allowance 90Tax Treatment of Registered pension funds 91Tax Treatment of Lump sum benefits from a Registered Pension Scheme 91Recycling the PCLS 91Tax treatment of Income from retirement 91Tax Treatment of Annuities 91Calculation of Life time allowance 92

Transitional Protection 92Primary protection 92Enhanced Protection 92

Pensions and the Employer 93A funded scheme 93An Unfunded Scheme 943 Main Funding Options 94Investing the Contributions 94Scheme Design 94The Pensions Regulator 96Accounting for Employer’s Pension Funds and Liabilities 96Financial Reporting Standards (FRS17) 96

ix


International Accounting Standards 96Eligibility to Join 97Funding and Contributions 97Final salary Schemes 97Money Purchase Schemes 97

Contracting Out 97Contracting out and NIC 98Dates 98

Contracting Out - Defined Benefit Schemes (Final salary) 98From 6/4/1997 99

Contracted Out Money Purchase Arrangement (COMPS) 99

Contracting Out Appropriate Pension Plan 100

Retirement Annuity Contracts (RACs) 101

Additional Voluntary Contributions 101

Free Standing Additional Voluntary Contributions FSAVC Schemes 102Personal Pensions Plans (PPP) 102

Stakeholder Pensions (Walfare Reform and Pensions Act 1999) 103

Leaving a Pension Scheme 104

Executive Pension Plans 104

Small Administered Schemes (SSAs) 104

FURBS & EFRBS 105

Group Pension Plan 105

Personal Accounts 106

Personal Pension Fund 106

Financial Assistance Cover 106

Considering Individual Pension Arrangement 106Investing the Contributions Money Purchase Scheme 107Plan Charges 107Waiver of Premium Health Insurance 107

Self Invested Personal Pension (SIPPs) 108

The Right to transfer: 108Transfer Value 109Transfer Values: The Options Available 109Transfer to a New Employer’s Scheme 109Defined Benefit Scheme 109

x


Money Purchase Scheme 110Transfer to a PPP/SHP scheme 110Transfer to a Section 32 Buy out 110Transfer Value Analysis: 1/1/1994 110

Crystallization 111Commutation of Benefits 111

Death Benefits before Crystallization 112Defined Contribution Scheme 112Dependant’s Pension – Defined Contribution 112Defined Benefit Scheme 113Dependant’s Pension – Defined Benefit 113Crystallization – Other Issues 113Pensions – Payments/Withdrawal Methods 113

Ways in which Pension benefits can be drawn 113Secured Pension 1134 ways of Drawing Benefits 114Scheme Pension 114Life time Annuity 114Unsecured Pensions 114Alternatively Secured Pension 114

Life Time Annuities - Options 115Enhanced or Impaired life annuities 115Investment Based Annuities 115

Phased RETIREMENT 116

Investment choice – Appropriate Provider 116The advisor will need to consider the following factors: 116

Presenting Solutions 117

Other Products that can be used as Retirement Planning 117

Equity Individual Savings Accounts and Old Personal Equity Plans. 117

Insured Investment Plans 118

Bank / Building Society 118

Direct Investment 118

Unit Trusts/OEICS 119

Property 119Equity Release 119

Selling a Business 119

Divorce 120

xi


UNIT 6 Questions 121UNIT 6 Answers 123

Abbreviation Table:

ADL Activities for Daily LivingAPL Additional Paternity LeaveAPP Additional Paternity PayASP Alternatively Secured PensionASU Accidental Sickness UnemploymentAVC Additional Voluntary ContributionsCGT Capital Gains TaxCIC Critical Illness CoverCITRA Convertible, Increasable, Renewable Term AssuranceCOMPS Contracted Out Money Purchase SchemesCTC Child Tax CreditCTT Capital Transfer TaxDLA Disability Living AllowanceDPI Disposable IncomeDWP Department of Works + PensionsEFRBS Employer Financed Retirement BenefitsEPA Enduring Power of AttorneyEPP Executive Pension PlansFAR Free Asset RatioFIB Family Income BenefitFRS17 Federal Reporting StandardsFSAVC Free Standing Additional Voluntary Constitution

xii


FURBS Funded Unapproved Retirement BenefitsG & L Gift & Loan TrustGMP Guaranteed Minimum PaymentGWR Gift With ReservationHMRC Her Majesty Revenue + CustomsIB Incapacity BenefitIHT Inheritance TaxIIDB Industrial Injuries Disablement benefitISA Individual Savings AccountsISMI Income Support Mortgage InterestLAPR Life Assurance Premium ReliefLEL Lower Earnings LimitLPA Lasting Power of AttorneyLPI Limited Price IndexationLTC Long Term CareMFR Minimum Funding RequirementMIG Minimum Income GuaranteeMPPI Mortgage Payment Protection InsuranceNAE National Average EarningsNIC National Insurance ContributionNRD Normal Retirement DateOEIC Open Ended Investment CompanyPCLS Pension Commencement Lump SumPEP Personal Equity PlansPETS Potentially Exempt TransfersPHI Permanent Health InsurancePMAR Personal Medical Attendance ReportPMI Permanent Medical InsurancePPF Personal Pension FundPPP Personal Pension planRACS Retirement Annuity ContractsREITS Real Estate Investment TrustsRPI Retail Price IndexS & P Standard & PoorSDA Severe Disability AllowanceSERPS State Earnings Related PensionsSHEP Second Hand Endowment PolicySHP Stakeholder Pension PlanSIPPS Self Invested Personal PensionSMP Statutory Maternity PaySPP Statutory Paternity PaySSAS Small Self Administered SchemesSSP Statutory Sick PayTEP Traded Endowment PolicyTPR The Pensions RegulatorUEL Upper Earnings LimitUSL Upper Savings Limit

xiii


PLEASE NOTE: THIS IS A SAMPLE FROM THE ORIGINAL COPY. PAGES WILL BE MISSING

Unit 5

Protection

Reasons for Financial Protection

The reason that most people consider protection in the first instance is usually for mortgage purposes.

Statistics reveal that it is easier to make people understand the consequences of dying and leaving a debt e.g the mortgage than the consequences of illness on the household------ This presents a greater need.

Most people are uninterested in providing for an untimely death because they feel it wouldn’t happen them.

In the UK the probability of dying is about 1 in 8 males (over 65) and 1 in 12 females.

Where people take out protection policies it is usually for peace of mind, control and value for money.

Young Single Person

Life Assurance is usually not a priority. It is more vital for young persons to have protection cover such as illness

or accident cover to ensure living standards can be maintained if such an event were to occur.

Consider critical illness cover, unemployment cover is also important.

Young couple without Children

Extent of financial loss is a guide to provision. Income protection is important to maintain living standards for the

additional cost that may occur if a partner is unable to work. It is possible for private medical insurance (PMI) to be a consideration but

long term care (LTC) may be psychologically out of reach. Inheritance tax for future legacy may also need planning.

Young Couple with children

Protection in the event of death or illness is top priority, as there is usually absolute reliance on both incomes.

Where the spouse is non –working, provision is also important, because if she were to take ill someone else may have to be hired to care for the children.

xiv


Non-forfeiture clause

Where a policy can acquire a surrender value, the clause allows the policy to remain in force for up to one year, without premiums being paid.

At any time during the policy period, paying premiums can reinstate policy. Where sum assured becomes payable unpaid premiums plus interest is

deducted. If no claim has arisen at maturity of policy, then funds are paid less deductions, or the policy is paid up as discussed above.

Endorsements

The process of making alterations on a policy is called endorsement. Changes may include premium frequencies or amount, sum assured

changes, addition or substitution of life assured, mode of payment etc.

Insurable Interest

Insurable interest must be demonstrated to exist before an insurance policy can be taken out. This must be stated on the proposal form.

Basically, you cannot take out a life policy on someone else’s life except it is proven that measurable loss will be suffered financially if the person were to die.

In the case of a husband and wife or civil partnership, it is quite easy to prove and immeasurable financial loss is said to exist.

An individual also has unlimited insurable interest in his own life. Sum assured must be in line with insurable interest (or less), and policy

must state on whose behalf it has been effected. Insurable interest only needs to exist on the day the contract is made; it

does not need to continue for the duration of the policy. Insurable interest must be “quantifiable financial interest” that has arisen

because of a “legal relationship”.

Where Insurable Interest can be demonstrated.

1) Joint Borrowers – Mortgages, may be half the loan.2) Employer/Employee3) Lender / Borrower – Loan and interest.4) Divorcees – Financial Settlement (maintenance)5) Partners – Not usually required as partners take out policies on their own lives, written in trust for other partners6) Parents / Children – Funeral expenses. IHT payment is not considered automatically as insurable interest existing, even though firms take a more relaxed view. This is because IHT is not considered as financial loss but as a reduction in inheritance.

Utmost good faith

Most contracts are based on “caveat emptor” let the buyer beware. However with life assurance contracts all material facts must be revealed whether or not the firm asks for them.

xv


Non –disclosure is a serious thing and means that the contract may be null and void.

Policy Documentation

Personalised Key facts Illustration (PKFI) – States the key features of the plan e.g premiums payable, charges, commission, personal data of clients.

Key Features Guide (KFG) – Sets out generic features of the plan, how it works what it protects against and what happens when premiums cease. PKFI and KFG are issued to clients to help them to decide if plan is right.

Acceptance Letter – Once the plan is underwritten, the insurer issues an acceptance letter to confirm the terms and conditions. Terms may differ from those specified on the PKFI e.g where a health issue has been uncovered by underwriting.

Cancellation Notice – Sent out at around the same time as the acceptance letter.

Policy Document (certificate of insurance) – Lists the details of the plan, cover provided and terms under which the cover is provided.

Joint life first death

Policy that pays out on death of the first party.

Joint life second death

Policy that pays out upon death of second party.

Disposal of Policy Proceeds

The policy proceeds are usually payable to the policyholder except:

1) Policy holder is life assured upon death then it is payable to his estate.

2) Where life assured is not policyholder, and policyholder has died before life assured and premiums are still paid after his death.

3) Where the policy has been assigned. This indicates that ownership has been transferred to another person through a deed of assignment. The new owner is called the assignee.

The Policies of Assurance Act 1867 state that a notice of assignment must be sent to the life assurance company who then registers this notice in the records. All life policies are required to show the address of the company’s Principal Office to which notices of assignment must be sent. Where a claim is made the assignee gets the fund e.g policy given to trustees to hold for the benefit of the beneficiaries of a trust.

4) Policies written in trust. The funds are paid to the trustees who deal with the proceeds in accordance with the deed. The advantage is that the beneficiaries do not have to wait for the grant of probate and no IHT is charged on the funds as they are ring fenced outside the deceased’s estate.

xvi


Unit 6

Pensions and the Employer

Until 1987, it was possible for employers to make membership of occupational pension schemes a pre requisite for employment. This can no longer be a requirement for employment.

Occupational schemes must be established as Irrevocable Trusts to be granted full registration at the HMRC so as to be entitled for tax benefits.

The trust status indicates that the assets of the employers are separated from pension scheme assets, which indicates some safety.

The scheme’s members must nominate one third of the scheme’s trustees. The Government is proposing an increase to 50% in the future.

Where an occupational pension scheme is set up as a irrevocable trust a trustee can be appointed from:

1) The employer – as a sole trustee2) Individuals selected by the employer3) Professional trustee corporation4) Subsidiary company – Set up by employer to act solely

as trustee.

The Pensions Act 1995 required member nominated trustee appointment procedures (except for some schemes, statutory) by April 1997.

Where an employer proposes a different trustee structure other to that which is statutory, there is a right to opt out but members must be consulted and must agree with trustee’s chosen structure in the future.

An occupational scheme could be funded or unfunded. Pension earnings may differ from actual remuneration as it usually based

on basic salary.

A funded scheme Funded schemes rely on investment of contributions for future benefits.

The schemes will apply for registration for tax purposes. The schemes are usually contributory where employers and employees

make contributions, or non-contributory where only employers make contributions.

An Unfunded Scheme A minority of schemes are not funded, with benefits paid on a pay as you

go basis. This indicates that present benefits are paid out of present contributions with little or no investment of those contributions.

Some schemes are just a promise by an employer to pay some form of pension or lump sum at a pre-agreed date

Public sector (Government) schemes make no contributions; the amount required is taken out of the public purse, although the employee may be asked to make a small contribution.

xvii


Future arrangements may affect profitability.

3 Main Funding Options

1) Insurance Company Funds – They are usually for small to medium sized schemes. The small defined contribution and executive schemes will choose this option. They could be arranged on a with profits basis, unit linked basis or deposit administration. The funds are normally placed in the equity/gilt market.Deposit Administration invests in a variable guaranteed interest bearing account, with interest being credited for premiums paid. This may have a minimum interest rate bonus paid after charges subject to fluctuations.

2) Managed Funds – Small schemes. A portfolio of investments that are chosen to meet a specific scheme’s requirements. Merchant banks, stock brokers etc, offer this kind of service. They will usually invest in the equity/gilt market. Larger funds will invest in property.

3) Self – Administered Funds – Larger defined benefit schemes consisting of in house pension teams and external actuaries.

Investing the Contributions

Investor contributions are invested in a range of funds to suit the needs of its members.

The funds will be invested for income and growth Contributions could be invested in with profits, managed, unit linked funds

or direct investment management. The investment vehicles used will involve a mixture of cash/ deposit, fixed

interest securities, UK and international equities, overseas bonds and property.

Scheme Design

Benefit Base – Method used to calculate retirement benefits that scheme will pay its members.

Final Salary Scheme

Depends on the average of a person’s last 3 consecutive years of work ending in the last ten years before retirement. They use the 60ths and 80ths method.

Bonuses and commissions must be averaged over a 3year period. The benefits will depend on

1) Length of Service2) The accrual rate – 60s and 80s3) Employees salary

An employee with 40 years of service in a 60s scheme; will retire on 40/60, which is 2/3rds of his final salary.

Spouse is included so that a percentage of pension (66%) can continue to be paid on death of scheme member.

xviii


Poorer than expected returns may lead employer to contribute additional funds to compensate.

Where over funding occurs a contribution holiday might be necessary or the surplus is used to increase benefits.

If the employer takes a refund of the surplus it is subject to tax at 35%. Actuaries maintain the balance between over funding and under

investment and produce an overall cost for the scheme. They consider age, sex distribution of scheme, future wage inflation, investment returns, retirement etc.

Overall costs are subject to review on a 3 yearly basis.

Earmarking – Funds are not allocated to individual persons within the scheme until a benefit falls due

Illustration: Public sector civil service

Public sector /civil service 80 accrual rate 3/80 for tax free lump sum. Individual 30 years of service, retirement £40,000A pension of £15,000 P.A (30/80 x £40,000) PlusTax- free cash of £45,000 (30x 3/80 x £40,000) Note – Both must be taken, person cannot for go tax- free cash to increase pension.

Pension moves in line with RPI and if the individual transfers to another civil service, he is given full credit for the existing years (under transfer club).

Defined Contribution (Money Purchase Scheme)

More straightforward arrangement, all of a member’s contributions can be separately identified.

The employer knows how much the pension scheme will cost and the employer does not bear the risk.

Company may reduce or vary contributions. For a money purchase scheme to retain approved status, the employer is

required to put in contributions of a minimum of 10% (full exempt status, can be granted a holiday).

Good arrangement, all the benefits and contributions are easily understood, the employer is able to estimate costs is a good arrangement for short service members (before retirement).

Kindly note that money purchase schemes are not close- ended commitments. The outcome of the arrangement will depend on the performance of the underlying investments.

xix

retirement, planning and protection (easily understood) - revision guide for cefa 3 sample

Documents